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Czech accounting framework vs. International financial reporting standards : Interhotel Olympik
Murko, Ivan ; Kemény, Irena (advisor) ; Hollmannová, Monika (referee)
The rigorous thesis deals with an analysis of the Czech accounting framework and its embedding into the context of the European accounting law and the International Financial Reporting Standards. At the same time it follows both the general level of existing differences, and their concrete effects. Primarily, the goal of this thesis is to present the differences in accounting procedures as well as in the general accounting concept. Alongside the thesis evaluates the consequences of these differences presently and in the near future. The thesis consists of a preliminary chapter and four main sections. The preliminary chapter concerns modern accounting theory, whereas addressing also accounting regulation and the facts which cause dissimilarity of accounting systems in the world. The second section follows present status of the legal accounting framework in the Czech Republic. It describes primary accounting rules of law and then reports a summary view in the final assessment. The following chapter presents the European accounting law, and simultaneously devotes itself to the International financial reporting standards (IFRS). Both regulations are analyzed relatively closely for reasons of giving a complex view of their development and present situation. The conclusion of the chapter mentions brief...
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Trade credit insurance - effective tool for credit risk management?
Šimková, Kamila ; Hollmannová, Monika (advisor) ; Rippel, Milan (referee)
Diploma thesis covers the field of risk management that companies need to deal with when trading on open account. Basis for this research is the question, whether credit risk management positively influences health of a company and whether credit insurance is effective tool when protecting against credit risk. The subject is firstly discussed in the context of current economic crisis and its impact on entrepreneurial environment, companies' payment behaviour and the volume of insolvencies. Further there are characterized types of credit risk, outlined risk management methods and compared selected instruments used for credit risk protection. Attention is devoted particularly to trade credit insurance. Finally effectiveness and actual usefulness of credit insurance is evaluated on selected models and a case study. Presented case study demonstrates a real life insurance contract and quantifies the cost saving resulting from risk protection through trade credit insurance. Keywords: economic crisis, payment behaviour, insolvency, risk management, trade credit insurance
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Measurement of Mutual Harmonisation of National Accounting Standards - the Case of Selected European Countries
Mišuráková, Mária ; Hollmannová, Monika (advisor) ; Novák, Jiří (referee)
This thesis uses data obtained from 335 annual reports of actual companies from ten European countries to quantify the level of material accounting harmony among them. It employs various specifications of the T index and by comparing their outcomes attempts to fi nd the best possible combination of properties desirable for this purpose. The three main problems addressed in this work are; estimating the scope of material harmonisation over time by comparing our results to the previous research, assessing the current extent of material harmony among studied countries, and comparing the situation of Czech and Slovak companies with respect to the rest of the sample. Powered by TCPDF (www.tcpdf.org)
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Analysis of a Potential Impact of EU Accounting Deregulation on Administrative Costs of Micro-entities in the Czech Republic
Hanušková, Karolína ; Kemény, Irena (advisor) ; Hollmannová, Monika (referee)
The thesis deals with the Proposal of a Directive of the European Parliament amending Council Directive 78/660/EEC on the annual accounts of certain types of companies (the Fourth Directive), as regards micro-entities, which proposes to exempt micro-entities on a voluntary basis from the scope of the Fourth Directive and thus to relieve them of the obligation to draw up annual accounts. The aim of the proposal is to reduce the administrative burden of European micro-entities. The proposal is examined in particular in terms of its potential impact on administrative costs of micro-entities in the Czech Republic, taking into account a specific implementation into the Czech legislation that would offer to the micro-entities the possibility to voluntarily choose among double entry bookkeeping and two alternatives: keeping tax records and keeping records of revenues with lump expenditures. The thesis then first examines the reasons for the creation of the proposal in the EU and on their basis finds its creation well-founded. Subsequently it analyzes whether the general reasons for the creation of the proposal in the EU can be applied to the specific case of the Czech Republic and also identifies several specific reasons for or against the adoption of considered legislative changes. The greatest emphasis...
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Prediction of Stock Returns Usig Financial Statement Analysis
Hájková, Petra ; Jakubík, Petr (advisor) ; Hollmannová, Monika (referee)
This diploma thesis should contribute to research in the area of fundamental analysis. Its aim is to study whether financial statement data of Czech non-financial companies capture information that is not reflected in prices. Therefore, the question is whether investment strategy based on financial statement analysis could earn excess returns. In order to test this hypothesis, a three-step estimation procedure based on a logit model is used to identify financial ratios relevant for prediction of future earnings. The final estimated model includes four financial ratios and is then used to set a one-year investment strategy. Although the performance of the estimated model is not too sound, this investment strategy brings positive abnormal returns during the monitored period of time. Despite the fact that results were influenced by several factors, they could indicate that financial statement analysis of companies listed on the Prague Stock Exchange is able to predict stock returns. Powered by TCPDF (www.tcpdf.org)
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Impact of the REACH, the Regulation of the EU, on the Czech Chemical Industry
Kortová, Kateřina ; Hollmannová, Monika (advisor) ; Martišková, Monika (referee)
In June 2007 the new European law REACH - Regulation, Evaluation, Authorization and Restriction of Chemicals, regulating chemicals and chemical sector, entered into force. This legislative influences the whole manufacturing industry and especially the chemical industry. Bachelor thesis "Impact of the REACH, the Chemical Regulation of the EU, on the Czech Chemical Industry" deals with effects of the implementation of the REACH legislation on the companies operating in the Czech Republic. There are three parts included in this thesis: The historical overview of the development of the chemical sector, concise explanation of the REACH and the fees and charges problem connected with REACH regulation and the analysis of the financial impacts on firms, primarily differences between the groups of the companies according to their sizes.
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Comparison of Derivates and Hedge Accounting to IFRS and US GAAP Standards
Znamenáčková, Zuzana ; Hollmannová, Monika (advisor) ; Kemény, Irena (referee)
The international capital flows produce the need of a single accounting standards which would simplify the work of investors and of parent and affiliated companies. There are two most frequently used accounting standards around the world, the american US GAAP and the international IFRS. Since 2002 these two standards are being harmonized. This thesis deals with the comparison of derivatives and hedge accounting rules according to US GAAP and IFRS rules. Thesis identifies the areas where there exists a space for further harmonization and on the basis of fictional accounting cases judges which accounting rules allow to better depict the reality.
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Audit Regulation and Auditor Independence: Theory and Czech Practice
Bízová, Lenka ; Havel, Jiří (advisor) ; Hollmannová, Monika (referee)
The thesis deals with the audit regulation in the Czech Republic. The main goal is to assess whether this regulation helps to increase the auditor independence and to maximize the audit quality and to discuss a possible further development in this field. In its first part the thesis analyzes the relationship between the auditor and its clients and identifies possible threats for auditor independence and audit quality. Next part discusses the possibilities of minimizing the risk of these threats by both market forces and by interventions of a regulatory body. The final part of the thesis concentrates on the audit regulation in the Czech Republic. Based on the evaluation of existing law and rules three major shortcomings are identified: (i) the audit quality rules and standards are not effectively enforced and nonobservance of these rules is not appropriately sanctioned, (ii) insufficient rules for auditor switching concerning both selection of auditor by the client and barriers to auditor dismissals and (iii) insufficient monitoring of auditors from financial statement users. The thesis than proposes measures for improvement of the current situation taking into account the recently adopted EU audit legislation.
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Securing a worthwhile retirement despite the state's social system
Drozd, Zdeněk ; Hollmannová, Monika (advisor) ; Schneider, Ondřej (referee)
The goal of this thesis is to analyze the opportunities available to each individual who decides to assure sufficient sources for financing his old age expenditures by himself. The development of the pension systems across the world and in the Czech Republic with respect to the current problems caused by worsening of the demographic situation is described in the first part. The main part of the thesis focuses on the individual instruments of financial and capital markets that are able to increase the value of funds saved in the course of life of an individual and help with the preparation of sources for retirement. The above alternatives are, thereafter, applied on the case of an average individual who is at the beginning of his career and who will probably be most affected by the potential crisis of the pension system.
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